Koinly Review

Koinly is one of the most well-known crypto tax software that helps crypto traders organize and file their taxes. 

It is compatible with a wide variety of exchanges, wallets and blockchains, which makes it useful for investors with different types of crypto holdings. 

The software is able to generate a variety of tax reports that can meet your requirements.

It is important to remember that Koinly’s prices can become high if you have large amounts of transactions. 

Nevertheless, it’s a solid choice if you’re after accurate and user-friendly crypto tax reporting.

Pros

• Supports over 350 exchanges and 100+ wallets

• Generates complete tax reports for multiple countries

• Simple and user-friendly interface

• Handles complex DeFi, NFT, and staking transactions

• Includes a tool for tax-loss harvesting

Cons

• Can be expensive for traders with high transaction volumes

• Customer support can be slow during peak tax season

• Some complex transactions may require manual adjustments

Koinly Review at a Glance

About Koinly

It connects with a wide range of exchanges and wallets to pull in your transaction data automatically.

The platform processes this data to calculate capital gains, losses, and other tax figures. 

There are alternate plans, a free one for basic tracking and paid ones for creating full tax reports.

It’s designed to be easy to use, appealing to both active traders and tax professionals.

How Koinly Works

Koinly simplifies crypto tax filing through an organized, automated process.

• You can connect your wallets and exchanges via API or CSV import.

• Koinly then imports your transaction history automatically.

• Users can review imported data and make corrections if needed.

• Koinly generates detailed tax reports formatted for your country, covering capital gains and crypto income

The interface is straightforward, making it easy to review, edit, and export data*.

Koinly's Main Features

Koinly has many strong features designed to make crypto tax reporting smooth and easy. 

These features are grouped to show what they do best and how they help users.

Essential Tools

Here are the main features of Koinly:

• Automatic import. Koinly brings in data from exchanges and wallets using API keys.

• Capital gains and losses. It calculates these for all your crypto trades, with different methods.

• Income tracking. Koinly finds and reports income from staking, mining, airdrops, and DeFi.

• Full history. You can review every transaction in your account.

User Settings

Koinly lets you adjust settings for your needs:

• Tax-loss harvesting. The tools help you lower taxes by selling assets wisely.

• Manual edits. You can change, add, or fix any transaction.

• Currency options. Koinly supports many types of regular money for reports.

Tracking and Analytics

Portfolio tracker shows all your crypto holdings in one place.

The software finds errors like missing info or deposits, and gives tools to fix them.

You can make tax reports for several past years.

Security and Data Safety

Koinly uses read-only API keys so it cannot move money or trade for you.

All your personal data is encrypted on the servers and while sent.

Koinly gets security checks from outside experts to fix any issues.

Does Koinly Offer Free Trial?

Koinly offers a free plan that lets you bring in your transaction history, watch your crypto holdings, and see your gains and losses. 

This free version is useful for people with few transactions or those who want to try the program before buying a paid plan.

The free account does not let you download full tax reports. 

To get official tax forms, like Form 8949 or other tax reports for your country, you need to upgrade to one of Koinly’s paid plans. 

The paid plans are priced based on how many transactions you make.

Koinly's Fees and Plan

Koinly offers a simple pricing structure with plans designed for different levels of crypto activity. 

While the plans are defined by the number of transactions you have in a tax year, the pricing is straightforward.

Free Plan

• The Free Plan costs $0.

• It lets you track your portfolio.

Newbie Plan

• The Newbie Plan costs $49 per tax year.

• It covers a small number of transactions.

Hodler Plan

• The Hodler Plan costs $99 per tax year.

• It gives detailed reports for moderate activity.

Trader Plan

• The Trader Plan costs $179 per tax year.

• It covers many transactions and complex tax needs.

These prices are per tax year. 

All paid plans allow you to generate and download the full, official tax reports required for filing.

Koinly Compatibility and Supported Countries

Koinly is a well-known crypto tax program around the world, supporting many platforms and regions. 

It is made to serve a wide range of international users.

Here are the details about the platforms and regions it supports:

• Exchanges: Koinly connects with over 350 cryptocurrency exchanges, allowing most users to link their main trading accounts.

  • Examples include:

    • Coinbase

    • Binance

    • Kraken

    • KuCoin

• Wallets: The software works with more than 100 wallets, which lets users track crypto they hold themselves.

  • Examples include:

    • MetaMask

    • Ledger

    • Trezor

    • Trust Wallet

• Blockchains: Koinly is compatible with a large number of blockchains, providing full coverage for DeFi and NFT activities.

  • Examples include:

    • Ethereum

    • Bitcoin

    • Solana

    • Polygon

• Countries: Koinly provides tax reports that follow the local tax laws for over 20 countries.

  • Examples include:

    • United States

    • Canada

    • United Kingdom

    • Australia

    • Germany

Getting Started with Koinly

To get started, here’s how to start:

1. Go to the Koinly website.

2. Click "Sign Up" and enter your email.

3. Set a password for your account.

4. Pick your main currency and your country.

5. Confirm your email, if asked.

6. Log in and start connecting your exchanges and wallets.

Ways to Add Crypto Data to Koinly

You can add your crypto transactions to Koinly in several ways. 

Each works for different users and needs. 

Below are the four main options:

1. API Key Connect

Connect your exchange or wallet using an API key for easiest, automatic updates. 

Step-by-step:

1. Log in to Koinly.

2. Go to "Wallets" or "Accounts."

3. Choose your exchange or wallet.

4. Click "Connect with API."

5. Enter your API key (find this in your exchange's settings).

6. Koinly will securely pull in your transactions. It can ONLY see your data, not move or withdraw funds.

2. CSV File Upload

If you want to upload transactions yourself, use a CSV file. 

Step-by-step:

1. Log in to Koinly.

2. Go to "Wallets" or "Accounts."

3. Pick your exchange or wallet.

4. Click "Import from File" or "CSV Upload."

5. Download your CSV from your exchange or wallet.

6. Check if the CSV matches Koinly's template (see help guides if unsure).

7. Upload the CSV in Koinly.

8. Review and save your data.

3. Manual Input

If you only have a few special transactions, you can add them one by one. 

Step-by-step:

1. Log in to Koinly.

2. Open your "Wallets" page.

3. Click on the wallet or exchange where you want to add data.

4. Choose "Add Transaction" or "Manual Input."

5. Type in your transaction details (date, amount, type).

6. Save it.

4. Blockchain Address Import

You can add transactions from a blockchain just by using your public wallet address. 

Step-by-step:

1. Log in to Koinly.

2. Go to "Wallets."

3. Click "Add Wallet."

4. Pick your blockchain (for example, Ethereum, Bitcoin).

5. Enter your public wallet address (never your private key).

6. Koinly will scan the blockchain and show your transactions.

Keeping Your Data Safe on Koinly

Koinly puts a lot of focus on keeping user data safe and private. 

It uses several methods to protect sensitive financial information.

These features include encryption, data protection, and access control:

Safe API Access

Koinly only uses “read-only” API keys.

This means it can see your data but cannot move money or make trades.

Strong Data Lock

Any private information is encrypted.

This keeps your details and reports hidden from others.

Login Protection

Koinly offers two-factor login (2FA).

You use a password and a code from your phone to sign in.

Outside Security Checks

Experts test Koinly’s safety often.

These checks help find and fix problems.

Privacy Laws

Koinly follows strict rules like GDPR and CCPA.

These laws protect your privacy and data rights.

Closing Thoughts on Koinly

Koinly is a flexible crypto tax tool that makes calculating and filing crypto taxes easier.

It connects to many exchanges and wallets, and can handle both regular trades and complex DeFi activities. 

Most crypto investors will find it useful because of how it supports different transaction types.

Koinly is easy to use and offers many tax report options. If you use lots of exchanges or have a mixed portfolio, Koinly is likely to fit your needs well.

Its pricing goes up if you have lots of transactions, but many users feel the time saved and accuracy are worth it.

Awaken.tax is another option to consider, especially for those engaged in Web3 activities.

The platform focuses on handling newer challenges in crypto tax, such as DeFi, NFTs, and cross-border transactions, which may be useful if your portfolio includes these types of assets.

Awaken.tax is designed to support users who encounter unique or complex crypto activities, offering tools tailored for the evolving Web3 landscape.

If you’d like to explore a tool with a focus on modern Web3 tax reporting, read more about how Awaken compares with Koinly here.

Frequently Asked Questions

Can I use Koinly for free?

Yes, Koinly offers a free plan that is useful for tracking your crypto portfolio throughout the tax year.

You can import your transaction data using a CSV file or API keys to keep track of your crypto assets.

For tax preparation, you must upgrade to one of the paid plans.

This allows you to generate the complete tax forms and capital gains reports needed to file your tax return accurately.

Is Koinly safe to use?

Yes, using Koinly is safe for your crypto tax needs.

The platform employs strong security measures to protect your information.

When you connect crypto exchanges using API keys, it only gets read-only access, meaning it cannot move your funds.

All personal transaction data is encrypted, and two-factor authentication (2FA) is available to secure your account, ensuring your financial details remain private and protected.

What makes Koinly different from others?

Koinly stands out with its powerful tax tools and an easy-to-use intuitive interface.

It simplifies crypto tax reporting for both new crypto investors and seasoned crypto traders by connecting with a large variety of exchanges and wallets.

The software makes it super easy to handle complex crypto transactions and calculate the cost basis for your assets.

Key features like tax loss harvesting help you legally reduce your tax burden.

Does Koinly work in my country?

Koinly supports tax reporting for over 20 countries, including the United States, Canada, and the United Kingdom.

The software is designed to understand different international tax regulations.

During setup, you can select your country to ensure the tax reports generated meet your region's specific tax requirements.

This is especially helpful when tax time arrives, as it provides the correct documents for your local authorities.

What kind of help is available?

Koinly provides several support options to assist users with their crypto taxes.

The platform has a detailed help center with guides and articles.

For more specific questions about tax calculations or importing transaction data, you can contact the customer support team through email.

Users on paid plans may receive faster service.

The support team is equipped to handle questions about the platform’s features and help troubleshoot issues.